Saudi real estate brokers face fines of up to SR200,000 for violations

Dubai: Saudi Arabia’s Real Estate General Authority (REGA) has warned real estate brokers and service providers that regulatory violations could result in fines of up to SR200,000, as well as the suspension or revocation of their licences.The warning comes as the authority steps up inspections of the kingdom’s real estate market, with more than 17,000 field checks carried out in August alone.. Get updated faster and for FREE: Download the Gulf News app now - simply click here..REGA said violations detected during recent inspections included operating without a valid licence, failing to exercise due diligence when verifying information obtained from property owners or beneficiaries, and failing to display the licensee’s name or licence number in property advertisements.The authority said the breaches were identified during 39 joint inspection tours covering 369 real estate establishments across several regions of Saudi Arabia.During August, REGA inspection teams also carried out 17,182 field checks of real estate offices and advertising signs, uncovering a number of regulatory violations.The authority said field inspections form part of its efforts to regulate the real estate sector, strengthen compliance and ensure that brokers and service providers adhere to the Real Estate Brokerage Law and its implementing regulations.REGA urged brokers and other real estate service providers to familiarise themselves with the regulations and categories of violations to avoid penalties.It also called on citizens and residents to report suspected regulatory breaches or real estate fraud through the designated reporting channel on its official platform..Saudi Arabia’s new property rules: What foreign buyers need to know.Saudi Arabia bans use of government names in property ads under new rules.Saudi Arabia revokes licences of 11 recruitment offices over violations.Saudi Arabia enforces new property rules for foreigners